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When assigning a lease agreement, it's crucial to understand the distinction between an assignment and a sublease. An assignment transfers the entire leasehold estate from the tenant to the assignee, while a sublease conveys only a portion to the subtenant. Tenants must seek the landlord's consent before proceeding with an assignment unless the lease specifies otherwise. If consent is required, it must be obtained for the assignment to be valid. In an assignment, the tenant transfers both privities of estate and privity of contract, making the assignee the new occupant and responsible for the contract's obligations with the landlord. The assignee inherits all rights held by the previous tenant.
